Mon, Jun. 6, 12:48 PM
Mon, Jun. 6, 12:21 PM
- Sasol (SSL -11.2%) slides after saying profit in its fiscal year through June will fall by as much as 30% following writedowns.
- SSL, which already impaired its stake in the Montney shale-gas properties in Canada by 7.4B rand in December, says it will recognize an additional writedown of ~4.1B rand because of lower natural gas prices.
- SSL also raises the projected cost of its chemicals complex in Lake Charles, La., to as much as $11B from a previous ~$8.9B amid construction delays.
- SSL reduces expected returns from the chemicals project, which will convert ethane into plastics and other products, to around its weighted average cost of capital, which stands at ~10.6%.
Mon, Jun. 6, 9:15 AM
Tue, Jan. 26, 9:22 AM
Dec. 11, 2015, 10:57 AM
- Sasol (SSL -4.4%) names Bongani Nqwababa and Stephen Cornell as joint CEOs, effective at the beginning of its next financial year on July 1, 2016.
- Nqwababa is SSL's current CFO, and Cornell is executive VP for international operations.
- The selection follows the announcement in June that President and CEO David Constable would not extend his contract beyond June 30, 2016.
Dec. 10, 2015, 9:14 AM
Sep. 28, 2015, 12:58 PM
- Huntsman (HUN -23.8%) plunges by nearly 25% following an earnings warning from the company after Friday's market close that lower titanium dioxide pricing, currency headwinds, soft demand in Asia, lower oil prices and a delay in benefits from lower raw material prices will negatively impact Q3 earnings.
- HUN says it also sees lower margins for methyl tertiary butyl ether due to lower oil prices and forecast continued lower MDI urethane component product margins in the Asia Pacific region.
- CEO Peter Huntsman says he is "optimistic about the future" despite the short-term headwinds, and that the company anticipates Q4 adjusted EBITDA similar to Q3 at ~$300M, similar to last year's level; HUN also remains committed to a separation of the pigments and additives business by year-end 2016 or sooner.
- Other chemical companies also are lower: DOW -2.7%, DD -1.7%, EMN -4%, ASH -4.3%, CC -7.6%, KRO -1%, SHLM -3.1%, LYB -4.1%, SSL -4%, OTCQX:BASFY -1.3%.
Sep. 1, 2015, 11:59 AM
- Sasol (SSL -3.5%) is looking for contractors to help it become the first commercial oil producer in Mozambique and to extend a gas pipeline that will increase exports to neighboring South Africa.
- SSL, which has produced gas in Mozambique since 2004, proposes building a pipeline across the provinces of Gaza and Inhambane that will feed into supplies to its plants over the border; the planned oil plant would have capacity to produce as much as 15K bbl/day, along with gas and liquid petroleum gas.
- SSL says it will disclose more details once Mozambican authorities approve its field development plan, and it also will offer an update on its projects when it announces full-year results on Sept. 7.
Feb. 18, 2015, 9:15 AM
Feb. 18, 2015, 8:23 AM
- Sasol (NYSE:SSL) -8.2% premarket after announcing a change to its dividend policy as part of plans to conserve cash amid lower oil prices.
- The revised policy is based on “dividend cover rates applied during the 2008-14 financial years," SSL says; the range in the period was 2.2x-2.8x times, but the company plans to provide more detail when it announces earnings on March 9.
- SSL’s previous policy, in place since 2010, was to maintain or grow dividends over time in line with “its anticipated sustainable growth in earnings, barring significant economic variables such as fluctuations in the oil price and exchange rates.”
Jan. 5, 2015, 9:10 AM
Dec. 2, 2014, 11:29 AM
- Citi cuts its target price for South African energy and chemicals company Sasol (SSL +2.3%) by 14% to $41.50 from $48.28 in light of lower oil prices, saying the stock could move lower over the next year.
- Despite a 30% drop in SSL’s ADR price over the past four months, the firm believes there can be more pressure once downgrades commence and especially if the spot oil price prevails.
- In its oil price outlook issued this week, Citi cuts its expectation for crude in FY 2015 to average $87.90/bbl and $82.50 in FY 2016.
Oct. 27, 2014, 9:58 AM
- Sasol (SSL -2.8%) says it has approved construction of an $8.1B ethane cracker and derivatives complex in the U.S. capable of producing 1.5M metric tons/year of ethylene.
- SSL says financing for the complex, which will roughly triple its chemical production capacity in the U.S., is “well advanced” and will use “a variety of international U.S.-based dollar sources.”
- A joint venture between Fluor (NYSE:FLR) and Technip (OTCPK:TNHPF) will be the primary engineering, procurement and construction management contractor.
Sep. 10, 2012, 11:16 AM
Sasol (SSL +2.6%), the world's largest producer of motor fuels from coal, says it is planning an expansion drive in North America and is looking for a buyer for its Iranian plant. CEO David Constable says SSL may build a gas-to-liquids plant in Louisiana that would produce 96K barrels of mostly diesel per day, and will decide by year's end whether to build a 48K bbl/day plant in Canada.| Sep. 10, 2012, 11:16 AM | 1 Comment
Jun. 28, 2012, 10:05 AM
Talisman Energy (TLM +3.2%) decides not to proceed in the next phase of Sasol's (SSL -0.7%) gas-to-liquids plant in western Canada after concluding a feasibility study. "Talisman's immediate focus is to accelerate investment in near-term liquids opportunities, with the goal of increasing liquids and oil-linked gas production to 300K bbl/day by 2015," TLM says.| Jun. 28, 2012, 10:05 AM
Apr. 11, 2012, 9:10 AM
Premarket gainers: TZOO +30%. TITN +16%. THLD +7%. MITK +6%. BBVA +6%. BCS +6%. AA +5%. ING +5%. IRE +5%. DB +5%. RENN +5%. PCX +5%. HOV +5%. FRO +4%. STD +4%. DRYS +4%. ALU +4%. MT +4%. AVP +4%. GNW +4%. ARNA +4%. ACI +3%. MTL +3%. ZNGA +3%. SSL +3%. DLLR +3%. WLT +3%. RIO +3%. TEF +3%. X +3%. ANR +3%.| Apr. 11, 2012, 9:10 AM | 1 Comment
Losers: NOK -16%.